The value of the global market is forecast to be $15.8 billion in 2017. The US market remains the largest single market forecast at 29% of the total market value. Despite the maturity of the US market, its growth is expected to be in line with the global increase in value of 20%, with stand-alone products showing the largest growth at 27%.

The study, which consists of individual reports on China, France, Germany, Netherlands, North America and UK, is forecasting rapid growth in sales of both products and system integration but due to the relative infancy of the market, a lower level of sales for service and maintenance.

The reports show that the largest individual sector is luxury villas, accounting for 25% of the market value; the second and third largest segments, offices and hotels respectively, represent a combined total of 23% of the market.

The report also assesses the longer-term outlook until 2021, when it is forecast that the total global market will be worth $29.8 billion.

Zoltan Karpathy, Operations Manager, BSRIA Worldwide Market Intelligence division, said: “The sales of smart homeproducts and the associated services are forecast to grow at high CAGRs; this is, in part due to the infancy of certain markets, and in part due to the increased awareness and expectations on the end users. The key drivers for the growth are subtly different in each country, ranging from a drive to improve energy efficiency, to improved security, but a trend that is gaining momentum is the use of smart homeequipment in light commercial applications and it is forecast that this trend will accelerate”.